Investor Day 2018 May 15 Safe Harbor

Forward-looking Statements These presentation slides and the related presentation contain certain forward-looking statements, as defined under U.S. federal securities laws, with respect to our long-term goals and trends associated with our business, as well as guidance or projections as to future performance. These forward-looking statements are based on our current intent, beliefs, plans and expectations. The audience is cautioned not to place any undue reliance on any forward-looking statements. Forward-looking statements necessarily involve risks and uncertainties, many of which are outside of our control, that could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include such things as:

• the highly competitive and evolving nature of the industry in which we compete; • the rapidly changing retail environment; • any inadequacy, interruption, integration failure or security failure with respect to our information technology; • the impact of significant fluctuations and volatility in various input costs, such as cotton and oil-related materials, utilities, freight and wages; • our ability to properly manage strategic projects; • significant fluctuations in foreign exchange rates; • our ability to attract and retain a senior management team with the core competencies needed to support our growth in global markets; • legal, regulatory, political and economic risks related to our international operations; • our ability to successfully integrate acquired businesses; • our reliance on a relatively small number of customers for a significant portion of our sales; and • other risks identified from time to time in our most recent Securities and Exchange Commission reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and Hanesbrands undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required by law.

Non-GAAP Terms and Definitions To supplement financial guidance prepared in accordance with GAAP, this presentation contains historical financial results and projections concerning certain non‐GAAP financial measures, including adjusted EPS, adjusted net income, adjusted operating profit (and margin), free cash flow, EBITDA, adjusted EBITDA, net debt to EBIDTA, IRR and ROIC. Please see the attached Appendix for more information regarding the definition of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure. Hanesbrands is unable to reconcile projections for IRR on acquisitions or for projections of financial performance beyond 2018 without unreasonable efforts, because the company cannot predict, with a reasonable degree of certainty, the type and extent of certain items that would be expected to impact these figures in 2019 and beyond, such as revenue, operating profit, tax rates, and acquisition and integration or other action related charges.

Investor Day 2018 | 2 Agenda

8:15 am Welcome, Safe Harbor & Agenda 10:00 am Global Activewear | Introduction & Overview

T.C. Robillard | Chief Investor Relations Officer John Marsh | Group President, Global Activewear

Company Overview, Strategy, Key Themes Expanding Champion Globally

Gerald Evans | Chief Executive Officer Susan Hennike | President, Champion North America

Supply Chain & Global Operations Joe Monahan | VP & Chief Commercial Officer, Champion Europe Tomohiko Hirano | VP Managing Director, Commercial Asia Mike Faircloth | Group President, Global Supply Chain, IT & E-Commerce Financial Overview

Global Innerwear | Pillars to Consistent Growth Barry Hytinen | Chief Financial Officer Global and U.S. Innerwear Overview Howard Upchurch | Group Pres., Innerwear Americas Closing Remarks

Acquisitions as a Platform to Growth Gerald Evans | Chief Executive Officer Francois Riston | President, Hanes Europe Omni-Presence | Summary Q&A David Bortolussi | President, Hanes Australasia 11:30 am Breakout Sessions | Product Showcase Q&A Leadership Luncheon Break

Investor Day 2018 | 3 Investor Day Kickoff Video

Video Playing

Investor Day 2018 | 4 Company Overview & Strategy

Gerald Evans Chief Executive Officer WE HEARD YOU

Investor Day 2018 | 6 Key Messages

1 2 3 4 5 Strong consumer Diversified our Leveraging our Strong and Focused on franchise of business globally supply chain, consistent free maximizing industry-leading and across global scale and cash flow shareholder brands built from channels to operational generator; returns through decades of deliver more discipline to approaching our disciplined, consumer consistent generate even $1B+ in annual return-centric interactions, organic growth greater amounts operating cash approach to operating in that will be of cash flow flow by 2020 capital heavily-branded complemented allocation; near- categories that with selective, term priority to are consistently strategic get back within purchased over acquisitions over our targeted time time leverage range

Strong Fundamentals with Significant Runway

Investor Day 2018 | 7 Hanesbrands at a Glance (NYSE: HBI)

A socially responsible, leading marketer of everyday basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia-Pacific

Key Statistics Key Brands Founded 1901 Global HQ Winston-Salem, NC 1 Employees ~67,200 in 45 Countries 2 Market Cap $6.052B

Key Financials (M) 2017 2018 Guidance

Revenue $6,471 $6,720-$6,820

3 Adj. Op. Profit $935 $950-$985

Op. Cash Flow $656 $675-$750

2017 Sales Breakdown Global Supply Chain

Innerwear Hemisphere International Eastern 32% 38% 34% Innerwear Activewear 66% Activewear Western

25% Other Hemisphere

By Segment By By Category By

Largest Global Basic Apparel Company with Over a Century of History

1 As of 12/30/2017 2 As of 5/11/2018 3 Non-GAAP measure. See reconciliation tables in Appendix. Investor Day 2018 | 8 Strong, Sustainable Competitive Advantages

• Strong consumer franchise; global portfolio of leading brands

• Heavily-branded and growing categories, consistently repurchased over time Brand • We own #1/#2 brands Power • Strong brand equities that span generations

• Expertise in managing share-leading brands

• Low-cost manufacturing; scale extends to global functions – IT, procurement, R&D Elevate Strategy (I2E) Strategy Elevate

- Supply Chain & • Unlocks synergies from acquisitions

to - Regional • Enables us to bring innovation to market at right price points and margin structure Infrastructure • Regional scale (U.S., Europe, Australia) while maintaining local commercial presence

Innovate • Low capital intensity; lynchpin to increased free cash flow generation

• Consumer-centric focus

• Culture of continuous improvement Operational • Omnipresent distribution: “where the consumer wants to shop” Discipline • History of evolving our business model to address and overcome challenges

• Plan the work, then work the plan

• Deep management bench Management • Seasoned global operators Team • Homegrown as well as from acquired companies • Strong presence in Americas, Europe, Australia, and Asia

Investor Day 2018 | 9 Long-Standing Commitment to Doing the Right Thing

www.HanesforGood.com

Employees Vendors Sustainability Product Safety Green for Good

• Global Code of • Fair Labor • Cotton • Childrenswear • Education Conduct Association • Energy • Chemical • Medical Support • Code of Conduct • Global Standards Management Officers • Water • Disaster Relief • Global Anti- • Design Hazard • Employee Policies Bribery Program • Waste Analysis • Fundamental Needs • Privacy • Consumer Use

2017 30% 33% 84% 420,000 Milestones H20 Renewable Landfill Employee Hours Volunteered in Green for Reduction Energy Use Diversion Rate Good Programs since 2010

Investor Day 2018 |10 Experienced Management Team with Global Depth

GLOBAL INNERWEAR

Gerald Barry Scott Mike Joia Howard Francois David Evans Hytinen Lewis Faircloth Johnson Upchurch Riston Bortolussi Chief Executive Chief Financial Chief Accounting Group President CAO, GC & Corp. Group President, President, President, Officer Officer Officer Global SC, IT & Secretary IW Americas Hanes Europe Hanes Australasia Joined: 1983 2017 2006 E-commerce 2007 1987 2014 2016 1997 GLOBAL ACTIVEWEAR

John Susan Joe Tomohiko John Scott Marsh Hennike Monahan Hirano Fryer Somerville

Group President, President, VP & CCO, Champion VP Managing President, Sports President, Hanes Global AW Champion N.A. Europe Dir., Comm. Asia Apparel & Graphics AW NA & CCO AW 1993 2006 2016 2010 1989 1991

Investor Day 2018 |11 Global Innerwear: Low Growth, Consistent Consumption – Heavily Branded

Product Categories Per Capita Consumption (units) U.S.1 France2 Australia/NZ3 10.6 Underwear Intimates Hosiery Socks 9.9 8.3 7.7 7.5 7.5 7.7 6.6 5.1 5.1 4.8 4.9 4.6 4.8 3.4 3.4 2.8 2.9

Men's Bras Socks Men's Bras Men's Men's Bras Socks UW UW Socks UW 2013 2017 Strong Stable Growth Category Heavily Branded 5-year CAGR U.S.1 France2 Australia/NZ3

89% 91% 90% 0.6% 0.6% 82% 73% 74% 0.5%

27% 26% 18% 11% 9% 10%

4 1 2 World U.S. France 2013 2017 2013 2017 2013 2017 Branded Private Label Total Global Innerwear Market: $165B

1 Source: NPD; 2 Source: Kantar; 3 Source: 2013-Roy Morgan, 2017-BDA Market Tracking 4 Source: Euromonitor Investor Day 2018 |12 Outstanding Portfolio of Leading Innerwear Brands

U.S. Other Americas Europe Australia/NZ Asia

Key Brands:

HBI $ Share Rank HBI $ Share Rank HBI $ Share Rank HBI $ Share Rank HBI $ Share Rank Intimates #2 Canada France Australia Japan Men’s UW #1 Intimates #2 Men’s UW #1 Men’s UW #1 Men’s UW #5 Kid’s UW #1 Men’s UW #2 Socks #3 Women’s UW #1 Women’s UW #6 Socks #1 Intimates #2 Kid’s UW #1 Socks #7 Mexico Hosiery #1 Hosiery #1 Bras #1 1 Men’s UW #1 Philippines T-Shirts #1 Hosiery #1 Bras #3 Germany Men’s UW #1 Socks #1 Brazil Hosiery #1 New Zealand Men’s UW #2 Socks #2 Spain Men’s UW #1 Argentina Men’s UW #1 Women’s UW #1 Women’s UW #2 Intimates #2 Kid’s UW #2 Italy Intimates #2 Men’s UW #3

#1 or #2 Market-Share Position in Key Categories in 12 Countries

Sources: US & Canada: NPD 12ME Dec 2017; Mexico: Trendex, Euromonitor Dec’17; Brazil: IEMI 2017; France/Spain: Kantar Panel 2017; Germany: GfK 2017; Italy: SITA Dec 2017; Australia/NZ: BDA Market Tracking Dec 2017; Nov’16; Remaining Investor Day 2018 |13 countries based on management estimate using various local sources 1T-shirts is total Outerwear and Innerwear Global Activewear: Strong Growth & Expanding Consumption – Activewear Continuum

Product Continuum Leading Portfolio of Brands1

U.S. / Americas Europe Australia HBI AW #4 #4 #5

Key Brands CASUAL ATHLETIC

1 1 2017 U.S. Market Growth U.S. Per Capita Consumption (units) 3-year CAGR 3.2%

11.5 12.0 10.5 9.2 9.5 8.2 8.2 8.4

0.7%

Activewear Total Apparel 2010 2011 2012 2013 2014 2015 2016 2017

Total Global Activewear Market: $180B

1 Source: NPD Investor Day 2018 |14 Resilient Business Model Driving Strong Cash Flow and Returns Over Time

• Portfolio of leading brands • Consumer-driven innovation

Sell • Everyday basic, replenishment-driven apparel More • Consistent revenue growth over time

• Owned supply chain

Sell More • Global functions and regional infrastructure Less

Spend • Product design

Spend Less • Superior operating margins • Significant cash generation 1 2 • $3.4B of free cash flow (since spin) Generate Cash 1 Generate Generate • $2.2B of free cash flow (last 5 years) Cash Disciplined Capital Allocation Strong Shareholder • Disciplined, return-centric • Allocation priorities: Returns 1. Business reinvestment 2. Dividends 3. Accretive Acquisitions 4. Share Buybacks

1 FCF is a non-GAAP measure, see appendix 2 2007-2017 (11 years) Investor Day 2018 |15 Track Record of Evolving Business Model to Adapt to Challenges

Revenue ($B) 2 Adj. Operating Margin 4.2% 1 U.S. 10 yr. Revenue CAGR Channel Disruption

$6.5 Surge in $6.0 8.8% $5.7 Cotton Prices $5.3 10 yr. Adj. Op. Profit 1,2 Recession CAGR $4.5 $4.6 $4.3 $4.4 $4.0 $4.1 15.2% 15.4% $3.7 14.5% 14.5% 13.2% 17.8% 10.3% 10.1% 1,2 9.4% 9.2% 9.5% 9.6% 10 yr. Adj. EPS CAGR $3.4B 2007 – 2017 Cumulative 3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2022E Free Cash Flow $1.9B Reduced Debt DIVERSIFY SCALE 2007 – 2017 Cumulative Raised Prices Geography & The Dividends & Repurchases Channels Model

1 2 Continuing Operations Non-GAAP measure. See reconciliation tables in Appendix. Investor Day 2018 |16 3 FCF is a non-GAAP measure, see appendix Diversified to Address the Latest Set of Challenges

Financial Impact Challenge: U.S. Channel Disruption 2013 2017 Change • Consumer shift to online • Brick & Mortar retail rationalization Sales $4.6B $6.5B ̶ Inventory tightening (destocking) ̶ Aggressive closure of weakest performing doors/accounts Organic Sales Chg. % 0.9% (0.9%) 4 • 11% of selling doors (2015-2018) Business Transformation Adj. Operating Profit1,2 $611M $935M • Globalized company, transformed 2 Adj. Operating Margin 13.2% 14.5% our portfolio: ̶ 10 acquisitions (2013-2018) Operating Cash $591 $656 • Sales of $2.7B • Operating Profit (at acquisition) $225M • Additional profit synergies $240M Adj. EPS2 $0.98 $1.93 • Dramatically expanded consumer 3 ROIC 17.8% 18.1% direct business • Invested in our brands & innovation Net Debt-to-EBITDA2 2.2x 3.4x

1 Adjusted for pension 2 Non-GAAP measure. See reconciliation tables in Appendix. 3 ROIC = After-tax Adjusted 4 Operating Profit/Average (net debt, inclusive of operating and capital leases, + Shareholder Equity) Selling doors Investor Day 2018 |17 refers to mass, mid-tier, department store channels. 2015-2017 actual closings; 2018 announced door closings Created Multiple Paths to Profitable Growth

Global Expansion Grow Consumer-Directed Business 2013 2017 2018+ 2013 2017 2018+ (57 Countries)

9% 21% 11%

32% Directed

Int'l Consumer- - Domestic 79% Directed 68% 91% Wholesale

89%

International Consumer Total Sales: $4.6B $6.5B Consumer-Directed Sales: Int’l Sales: $0.5B $2.1B $0.4B $1.4B

Organic Growth1 2.4% 1.8% 0.9% 0.9% 1.1% 0.3% 0.0% 0.5%

-1.1% -2.1% -2.9% -3.6% -3.8% -5.2% -5.1% FY

Focused on Driving Organic Growth

1 In constant currency; 2014 adjusted for 53rd week. Organic sales, defined as sales excluding the impact of foreign currency and businesses acquired within 12 months. Investor Day 2018 |18 Broadened Global Portfolio of Big Brands, Worn for Generations Strong Portfolio of Brands Worn by Generations (Retail $) 100+ Yrs. 80+ Yrs. 50+ Yrs. $4.1B Hanes Maidenform DIM $3.2B Champion Bali Nur Die $1.4B Bonds Playtex Lovable $480M $460M Berlei Abanderado

Spanning Generations Around the World

<35 >35 <35 >35 <35 >35 Years Old Years Old Aided Awareness 89% 93% 93% 94% 87% 96%

Consideration1 69% 75% 74% 64% 61% 61%

Brand I Prefer/Favorite Brand 62% 67% 51% 44% 78% 71%

More Comfortable2 60% 60% 69% 73% 68% 53%

Sources: Hanes: Milward Brown Equity tracking for Hanes Dec ’17; NPD Consumer Panel R12 end Dec ’17; DIM: Milward Brown Equity tracking for DIM Dec ’16; Kantar consumer panel R12 end Dec ’17; Bonds: Nature Brand Health Tracker, 1 2 Dec 17; BDA Tracking, Dec 17 MAT; Top-2 Box Dim wording: “Whose products guarantee comfort;” Bonds wording: Investor Day 2018 |19 “A brand that makes comfortable products.” Invested Consistently in Consumer Engagement & Global Innovation Platforms to Reinforce Brands

1,2 Strengthening Our Brands Market Share (Men’s Underwear) 4.1x 2014 - 2017 2.1x 1.8x Consistent Marketing $750M+

Comp A Comp A Comp A Extensive R&D $250M+

U.S. France Australia

Innovate-to-Elevate Globally U.S. Innerwear Market Share1 (X-Temp Technology) Rank 88% 92% U.S. FRANCE Total Online UW #1 #1 Bras #2 #2 12% 8% Socks #1 #2 B&M Online IW #1 #1 Branded Private Label Market Share Supported by Consumer Loyalty

1 NPD Consumer Panel R12 end Dec ’17 2 Kantar consumer panel R12 end Dec ’17; BDA Tracking, Dec ‘17 MAT Investor Day 2018 |20 Global Scale and Acquisition Synergies Expand Operating Margins, Drive Greater Cash Flow

1,2 Operating Margin Expansion Cumulative Free Cash Flow ($M)

~$4,000 Global Company

Global Integrated Acquisition Supply Administrative Synergies Chain Functions $2,210

$1,168 100-125 bps

2007 - 2012 2013 - 2017 2018 - 2022E Positioned for Operating Margin Expansion and Accelerating Cash Flow

1 2018 - 2022E reflects base w/ acquisition scenario 2 FCF is a non-GAAP measure, see appendix Investor Day 2018 |21 Key Messages

Strong Fundamentals with Significant Runway

Investor Day 2018 |22 Supply Chain Overview

Mike Faircloth Global Supply Chain, IT & E-Commerce Supply Chain Key Messages

1 2 3 4 5 Owning our Our supply chain Continuing to Internalization Leveraging our supply chain is a is an integral part optimize and into our supply corporate sustainable of our Innovate- leverage our chain is a key functions along competitive to-Elevate supply chain and means of with the global advantage, strategy, creating global scale to creating supply chain will strategically innovations that drive a acquisition take our current positioned to are being sustainable cost synergies strong cash flow support a global leveraged across advantage generation even company and the world higher scalable for future growth

Investor Day 2018 |24 Hanesbrands Global Supply Chain at a Glance

An Integral Part Clear Role of Our of the Strategy Global Supply Chain

Operate low cost network

Support our leading brands

Enable innovations at scale

Expand acquisition value

Global, Efficient Supply Chain: Scalable for Organic Growth and Acquisitions

Investor Day 2018 |25 Owned and Controlled Supply Chain – Strategically Positioned

Western Hemisphere Eastern Hemisphere

40% 60% Southeast Asia Manufacturing Central America Dominican Rep. Manufacturing

Distribution

2.2B Units Annually 31 Countries 65,000 People

Investor Day 2018 |26 KPIs Underscore Continuous Improvement Culture

Unit Output per Factory1 Textile Output per Factory (lbs)1

89% 84% 79% 88% 68% 56% 62% 52% 40% 28% 19% 15%

2007 2009 2011 2013 2015 2017 2007 2009 2011 2013 2015 2017

Manufacturing Efficiencies1 Manufacturing Defects1 33% 28% 29% 2007 2009 2011 2013 2015 2017

-17%

12% -44%

-53% -54% -56% 2% 0% -61%

2007 2009 2011 2013 2015 2017

1 Cumulative Improvement Investor Day 2018 |27 Higher Volumes through Supply Chain Generate Lower Costs

Higher Volume VOLUME Lowers Overall Cost Organic & Acquisition High

Global Supply Chain Higher Volume Lowers Cost for

UNIT COST COST All Products DOWN

Low High VOLUME

VOLUME Internalization Drives UP Acquisition Synergies

DIM Underwear Bonds Underwear 22% 18% Lower Cost Lower Cost

Investor Day 2018 |28 Continuing Focus on Optimizing and Leveraging the Global Supply Chain

Global Supply Chain

Consolidating Manufacturing Facilities

Champion Distribution Expansion Western Eastern Hemisphere Increasing Output per Facility Hemisphere Reconfiguring, Optimizing Material Flows Optimizing & Optimizing Leveraging & Leveraging Reducing Lead Times

Improving Inventory Turns

Internalization

Leveraging Support Functions

Optimizing the Network to Lower Cost/Improve Inventory Turns

Investor Day 2018 |29 Extended Global Operating Philosophy Beyond Mfg. to Leverage Our Support Functions & Systems Globally

GLOBAL VOLUME Expanded to PRODUCTION, SPEND & INNOVATION Organic & Acquisition • Global Resources, Processes & Systems Global Supply Chain & ̶ Procurement Corporate Functions ̶ Information Technology ̶ Research, Quality UNIT COST ̶ Product Development DOWN ̶ CSR, Safety, HR, Finance, Legal ̶ Regional Management

• Global Innovation Platforms VOLUME ̶ Product Design UP ̶ Fabrics ̶ Materials ̶ Technology

Generating Booster Savings

Leveraging Our Global Support Functions Generates Lower Costs

Investor Day 2018 |30 Leveraging IT Systems and Innovations Globally to Drive Lower Costs

Case Studies Core Systems Applications Leveraging Fabric & Standardization Product Platforms Globally YEAR | APPS ~$65M Annual Innovation Spend

2012 | 416 550 Designers and Developers

1,224 Global Styles shared in 2017

132 Global Material Platforms 2017 | 65 Global Technology Platforms 7 (790 Million garments in 2017)

2019 | 50

Disciplined Processes to Meet Savings Goals and Corporate Initiatives

Investor Day 2018 |31 HBI is a Leader in Corporate Social Responsibility, Energy Management and Sustainability

CSR Highlights Energy KPIs 20171 20201 Goal

• World-class safety, environmental programs, Carbon Reduction 28% 40% security and human resources in place

• Rigorous auditing of all owned and contractor Energy Reduction 21% 40% facilities • Fully-accredited member of Fair Labor Water Reduction 30% 50% Association • Working in our communities: education, Renewable Energy Usage medical and environmental efforts 33% 40%

“Directly owning facilities allows Hanesbrands to invest in their employees and communities, which in turn strengthens the Landfill Diversion 84% 100% company’s engagement with civil society, unions, and others.” The 2018 Ethical Fashion Report (Best Practice Highlight)

2 A- A- B+ B Better Positioned by B- Earned Energy Star Award Owning Nearly 80% of B- for 9 Consecutive Years Our Production B-

1 2007 baseline, 2017 and 2020 goals represent total change vs baseline 2 2018 Ethical Fashion Report the Truth Behind the Investor Day 2018 |32 Barcode Baptist World Aid Supply Chain Key Messages

Investor Day 2018 |33 Global Innerwear Overview Video

Video Playing

Investor Day 2018 |34 Global Innerwear U.S. Overview

Howard Upchurch Group President, Innerwear Americas Global Innerwear Key Messages

1 2 3 4 5 Large, stable, U.S. business has Strong brands, Through Expanding highly branded been impacted by meaningful strategic Consumer- category of macro retail shifts product acquisitions we Directed products that with Intimates innovation have broadened business to consumers wear disproportionally combined with our geographic match evolving everyday; we impacted by door effective scope to Europe, consumer own a portfolio closures; actions consumer Australia and preferences – of iconic brands underway to engagement will Asia; opening online and with leading return business to drive continued more avenues to branded stores share positions growth over time market apply our around the world leadership Innovate-to- Elevate strategy

Brands, Global Scale and Omni-Presence Provide a Path to Consistent Growth

Investor Day 2018 |36 Global Innerwear Category at a Glance

Per Capita Consumption (units)

U.S.1 France2 Australia/NZ3 10.6 9.9 8.3 7.7 7.5 7.5 7.7 6.6 5.1 5.1 4.8 4.9 4.6 4.8 3.4 3.4 2.8 2.9

Men's Bras Socks Men's Bras Men's Men's Bras Socks $165B UW UW Socks UW 2017 Global 2013 2017 IW Market Heavily Branded U.S.1 France2 Australia/NZ3

89% 91% 90% 82% 73% 74%

27% 26% 18% 66% 34% 11% 9% 10% 2013 2017 2013 2017 2013 2017 Basics Intimates Branded Private Label Stable, Heavily Branded Category with Consistent Consumer Consumption

1 Source: NPD; 2 Source: Kantar; 3 Source: 2013-Roy Morgan, 2017-BDA Market Tracking Investor Day 2018 |37 Diversified Beyond U.S. Base through Acquisitions

2013 Sales: $3.0B 2017 Sales: $4.3B

Americas Americas Europe

Asia U.S. U.S. Asia

South Australia Africa

~90% U.S. ~65% U.S.

Investor Day 2018 |38 Large, Well-Established Brands with Long Histories

Top 6 Brands Represent ~80% of Innerwear Sales

• Our 3 largest brands - Hanes, DIM and Bonds - are multi- 1901 category and span all ages across genders

1916

• Preferred household brand 1953 names

1922

1932 • Brands supported with

1927 innovation and strong consumer communication

Top-6 Brands Remainder

Investor Day 2018 |39 HBI Leads Competitors in Brand Preference ”Brand I Prefer”1 Market Share2 (Men’s Underwear) (Men’s Underwear) (vs. Closest Competitors) (vs. Closest Competitor)

67% 65% 62% 4.1x 60% 55% 49% 2.1x

1.8x 22%

15%

10%

HANES DIM BONDS HANES DIM BONDS

U.S. France Australia U.S. France Australia

HBI Brands Competitor A Competitor B HBI Brands Closest Competitor

1 Sources: Hanes: Milward Brown Equity tracking for Hanes Dec ’17; DIM: Milward Brown Equity tracking for DIM Dec 2 ’16; Bonds: Nature Brand Health Tracker, Dec 17; NPD Consumer Panel R12 end Dec ’17; Kantar consumer panel R12 Investor Day 2018 |40 end Dec ’17; BDA Tracking, Dec 17 MAT. Brands Matter in Innerwear Across Customers and Channels

U.S. Consumer Heavily Branded 1 2 3 4 Decision Drivers U.S. France Australia/NZ

89% 91% 90% 82% 73% 74% #1 – Brand 27% 26% 18% 11% 9% 10%

– Comfort 2013 2017 2013 2017 2013 2017 #2 Branded Private Label U.S. Brand Share | Innerwear5

#3 – Fit 88% 92%

#4 – Style 12% 8%

#5 – Price Brick & Mortar Online Branded Private Label

1 2 3 Source: Milward Brown Equity tracker/Association Analysis 2017; Source: NPD; Source: Kantar; Investor Day 2018 |41 4 Source: 2013-Roy Morgan, 2017-BDA Market Tracking , 5 NPD Consumer Panel R12 end Dec ‘17 Retail Dynamics Impacting U.S. Innerwear Business

Industry Challenges Category Trends Since Last Investor Day NPD R12M Panel Dollars (% vs. PY)

Highest door closures since recession • Retail inventory destocking Early signs of

(2015 & 2016) stabilization Axis Axis Title • Door closures across mid- tier/department store and mass channels Innerwear Axis ApparelTitle Intimates HBI Trends HBI R12M Net Sales (% vs. PY) Door Closures % Door Closures 1 1 2015 – 2018 2015 – 2018

~1,250 ~11%

Innerwear Intimates Emerging Signs of Stabilization

1 Door closures refers to mass, mid-tier, department store channels. 2015-2017 actual closings; 2018 announced 42 door closings Investor Day 2018 | Plans Underway to Stabilize U.S. Intimates

Path to Q4 Stabilization HBI Bra $ Market Share 1 Change in (bps) 1H Space Shapewear Door Gains Online Relaunch Closures At Mass Growth 2H 20

(30) Actions Underway (70) • Expanding presence in stable R12 R6 R3 channels ̶ Online – 20% increase year- over-year (23% of business) ̶ Mass Channel – Space gains for Bra Space Increase Speed to Maidenform and Hanes Gains at Mass Market by 25% • Increasing Investment ̶ Maidenform (#2 brand with 20% Ship Design Sell In Production from DC millennials)2 Factory 10% ̶ TV support for Bali Comfort Flex Fit innovation • Simplify Product Line • Increasing Speed to Market 2018 vs 2017 2018 vs 2017 • Reduce SKUs ̶ Product simplification • Reduce Fashion Color ̶ Shorter development cycle • Reduce Material Development • Relaunch shapewear in fall 2018 with major new product launch

1 Source: NPD Consumer Panel 2 Millward Brown / HBI Equity Tracker R12 end Dec ‘17 Investor Day 2018 |43 Basics Business Consistent Over Time, Benefiting from Innovation and Gaining Market Share

Broad Distribution HBI Market Share Innovation 1 Total Basics

Fresh IQ +60 bps tshirt

Comfort Flex Fit 2016 2017

1 Men’s Underwear

+120 bps

2016 2017

1 Source: NPD Consumer Panel R12 end Dec 2016 and 2017 Investor Day 2018 |44 U.S. Innerwear On Course to Stabilize Late Second Half 2018

Basics Intimates Improvement

• Expanding share • Category stabilizing

• Solid Back-to-School plan • HBI share stabilizing

• Innovation performing well • Channel development action supported by media investment underway

• Brand investment ramping

• Shapewear repositioning – Fall 2018

Positioned for Consistent Performance

Investor Day 2018 |45 Global Innerwear: Pillars to Consistent Growth

01 02 03 Extend Periodic Expand Market Acquisitions Omni- Leadership add another Presence through platform for with Consumer- innovation, global growth Directed growth consumer engagement and marketing

Investor Day 2018 |46 Global Innerwear: Extending Category Leading Innovation Across the World

DISCIPLINED 6-STEP INNOVATION PROCESS…

01 02 03 04 05 06 Consumer Big Winning Superior Engage the Omni- Need Category Concept Product Consumer presence

…DELIVERING MEANINGFUL CONSUMER INNOVATIONS, GLOBALLY

U.S. France France U.S. U.S. Australia France U.S.

Investor Day 2018 |47 Global Innerwear: Consumer Engagement and Marketing

Recent Campaigns by Our Top 3 Brands

Video Playing 48 Investor Day 2018 | Global Innerwear: Pillars to Consistent Growth

Investor Day 2018 |49 Global Innerwear Acquisition Growth

Francois Riston President, Hanes Europe Global Innerwear: Pillars to Consistent Growth

Investor Day 2018 |51 Leading Market Positions in Key Regions & Categories

U.S. Europe Australia Rest of World PRODUCT FR GER SP ITALY #1 / #2 Men’s Underwear #1 #1 #1 #3 #1 (Mexico, Philippines / Brazil, Canada)

Intimate Apparel #2 #2 #2 #2 #1 #2 (Canada)

Women’s Underwear #2 #2 #1

Bras #2 #2 #1 #3 (Mexico)

Kids’ Underwear #1 #1

T-shirts #1

Hosiery #1 #1 #1 #1

Socks #1 #3 #2 #1

1 Global Market: $165B $22B $29B (EU Top4: $13B) $2B $112B

Large Fragmented Market Represents Opportunities for Growth

Sources: US & Canada: NPD 12ME Dec 2017; Mexico: Trendex, Euromonitor Dec’17; Brazil: IEMI 2017; France/Spain: Kantar Panel 2017; Germany: GfK 2017; Italy: SITA Dec 2017; Australia: BDA Tracking 2017; Nov’16; Remaining Investor Day 2018 |52 countries based on management estimate using various local sources. 1 Market Size: Euromonitor Acquisition Criteria

• We are only interested in acquisitions with great returns and relatively low risk

• Acquisitions that meet our strict criteria can generate great returns for shareholders in both the short-term and the long-term

4 Acquisition Criteria Acquisition Track Record

01 02  ~$2.7B Acquired Sales (2013 – 2018)

Provide complementary  ~ Operating Profit at Purchase growth opportunities in $225M In our core categories consumer segments, channels or geographies  ~$465M Operating Profit Post Synergies1

JAPAN 03 04

High-probability cost Accretive in year 1, synergies that leverage excluding integration our supply chain and/or EUROPE costs SG&A

1 Excludes charges Investor Day 2018 |53 Integration Varies Depending on Context

Hanes Hanes Europe Australasia

Supply Chain

Distribution Center Consolidation

IT Systems Integration

Organizational Change

Growth Focus

Synergies

Relative Emphasis: High Low

Different Approaches with Both Sets of Synergies On Plan

Investor Day 2018 |54 Hanes Australasia (Pacific Brands) Integration

PRE-INTEGRATION INTEGRATION PROCESS RESULTS

Power of One • Functional connectivity: • Light touch integration 2008-2015 No major organizational changes • Synergies  Portfolio • System connectivity: ̶ Mid-teens IRR rationalization Existing IT systems remain ̶ Supply chain  Organization • Local integration of small ̶ Growth consolidation Australian HBI business ̶ SG&A  IT integration • Progressive integration of global supply chain • Divestment of non-core assets

Investor Day 2018 |55 Hanes Europe Innerwear Acquisition Overview

• DBApparel purchase added €650M of sales with leading brands and commercial centers in key European regions

• Profit margin improved significantly from 7% in 2014 to 14% in 2017

European Presence (2017) Operating Margin Growth

• ~80% of sales in: 14% ̶ France ̶ Germany 12% ̶ Italy ̶ Iberia 8% • Presence in 18 countries 7% • Commercial centers in key geographies: ̶ France ̶ Germany ̶ Italy ̶ Spain 2014 2015 2016 2017 ̶ South Africa OP %

Investor Day 2018 |56 Hanes Europe Innerwear Integration

• Streamline the organization by pulling select activities “up” to leverage global scale and eliminate central costs while pushing others “down” closer to customers

Supply Chain 2015 2016 2017 2018

IT, Finance, HR, Legal

GLOBAL Absorb Absorb Supply Chain IT Business Unit IT Leverage Global Supply Chain Globalize Admin Support General Mgmt.

Consolidate Local Market Operations

Supply Chain EUROPE Synergies IT, Finance, HR, Legal

General Mgmt. Marketing Mid-teens IRR Marketing Sales

Sales Supply Chain COUNTRIES BEFORE AFTER SG&A

Investor Day 2018 |57 Through Acquisition We Have Created Regional Innerwear Platforms on Which We Can Build

Regional Innerwear Platforms Established

2014 2017 2018 Ambition Periodic Acquisitions

Sell More Spend Less Generate Cash

• Grow in new channels • Global product • Working capital platforms optimization • Grow in new categories • SG&A • Grow in new countries

Investor Day 2018 |58 Global Innerwear Consumer-Directed Growth

David Bortolussi President, Hanes Australasia Global Innerwear: Consistent Growth

01 02 0303

Extend Periodic Expand Market Acquisitions Omni- Leadership add another Presence through platform for with Consumer- innovation and global growth Directed growth consumer engagement & marketing

Investor Day 2018 |60 Hanesbrands Global Innerwear Channel Mix

Evolving our distribution with a significant and fast-growing Consumer-Directed business

2017 Innerwear Sales by Channel Consumer-Directed Sales ($M)

11% ~$925

10%

~$550 79% 21%

~$300 14% Consumer-Directed 10% Wholesale (79%) Online (10%) Retail (11%) Traditional retailer • Amazon global • Total ~700 stores1 partnerships via partner brick & mortar • Wholesale 2013 2015 2017 partner websites Sales % Total • Owned websites Consumers are Becoming More Omni-Channel

1 Excludes shop-in-shops Investor Day 2018 |61 Benefits of Consumer-Directed Business

BUILD brand equity

ATTRACT new consumers and diversify channels

ENGAGE in direct relationships with consumers

IMPROVE wholesale execution with collaboration

CAPTURE attractive financial returns

Investor Day 2018 |62 Consumer-Directed Strategy Varies by Region Depending on Market Dynamics 2017 Innerwear Sales by Channel | Regional Breakdown

U.S. Europe Australia

6% 10% 11% 7% 38% 49%

83% 83% 13%

Wholesale Online Retail stores Total Industry Market Data

1 Online as % of Apparel Sales Retail Space per Capita2 U.S. 20% U.S. 24 Europe 16% Europe 4 Australia 16% Australia 9

1 Source: NPD & Euromonitor ending Dec ‘17 2 Gross lettable area in sq. ft. Source: International Council of Shopping Investor Day 2018 |63 Centres Research U.S. Innerwear Online Sales Doubled Since 2013

• Pure plays Innerwear U.S. Online Sales ($M) ̶ Amazon global partnership delivering strong growth ̶ #1 or #2 “Top Performer” on best 1 sellers list ~$300

• Partnering with high-traffic B&M retail ~$250 sites, e.g. ̶ Walmart.com 11% ̶ Kohls.com ~$150 8% ̶ Target.com 5% • Owned websites growing at high single digits

• Online channel delivers margins similar to traditional wholesale 2013 2015 2017 Sales % Total

1 Gartner L2 Amazon Performance Rank to Q4 2017 Investor Day 2018 |64 Australasian Growth through Specialty Retail

• Hanes Australasia background Hanes Australasia Sales & Channel Mix1 2 ̶ Transformed after global Total Sales ($M, approximate) financial crisis $640 ̶ Strong brand equity in Bonds ̶ Focused on retail growth $470 $480

• One of the leading omni- channel offers in the market • Retail network ̶ Shift to retail is margin accretive ̶ Incremental approach, limited cannibalization ̶ Strategically flexible 2011 2013 2017

Wholesale Retail Stores Online

Opportunities to Grow Online, Expand & Evolve Retail and Drive Core Category Growth

1 2 Continuing business; Translated at constant currency AUD:USD = 0.75 Investor Day 2018 |65 Bras N Things Acquisition a Strong Strategic Fit

• Acquired in February 2018 Acquisition Rationale  In our core categories • A leading intimates brand in the region, with a vertical specialty retail  Provides complementary revenue business model growth opportunities ̶ Addresses gap in intimates portfolio • 172 owned retail stores in Australia, ̶ 100% consumer-directed New Zealand and South Africa ̶ Millennial consumer base  Financially justifiable based on cost 2017 Sales by Channel Consumer Demographic synergies ̶ Opportunity to leverage global supply chain 8% ̶ Incremental SG&A synergies

39%  Provides strong returns ̶ Highly profitable, fast-moving business 61% model 92% ̶ Further growth opportunities through local retail, online and international expansion ̶ Strong management capability and cultural Online < 30 years fit to enable value creation Retail stores > 30 years

Investor Day 2018 |66 Leading Australasian Innerwear Retail Business

Bonds Bras N Things

• 109 owned stores/outlets and 63 concessions • 172 owned stores/outlets • Top quartile sales density and growth • Leading store contribution margins • High net promoter score • Distinctive fitting service and in-store • Loyalty program with relatively large active experience member base • Advanced store traffic and conversion • Omni-channel capability: 25% of retail sales systems from online • Weekly drops of new product • Omni-channel capability: 8% of retail sales from online and growing fast

Investor Day 2018 |67 Bonds Store Format Video

Video Playing

Investor Day 2018 |68 Global Innerwear Key Messages

Brands, Global Scale, and Omni-Presence Provide a Path to Consistent Growth

Investor Day 2018 |69 Q&A Session CSR 2018 Video

Video Playing

Investor Day 2018 |71 BREAK Champion Brand Positioning Video

Video Playing

Investor Day 2018 |73 Global Activewear

John Marsh Group President, Global Activewear Global Activewear Business Has Been Transformed for Success

Gear for Knights Champion Alternative Sports Apparel Europe GTM Apparel

(Nov. 2010) (Apr. 2015) (Jun. 2016) (Sep. 2016) (Oct. 2017) Acquisitions 2010 2017

Exited Graphic Art Organized Commercialized Internalized Private Center of for Online Digital Champion Label Excellence Expansion Printing Japan (2012) (2013) (2015) (2016) Licensee StrategicActions (2016)

More New Reunited Closer Branded Distribution, Champion to the End Capabilities Globally Consumer and Talent

Investor Day 2018 |75 Global Activewear: More Branded, More Global, and More Profitable

2010 2017

Total Sales $1.3B $2.2B • Made targeted acquisitions and Champion Sales ~$600M $1.4B grew organically

U.S. Op. Margin1 6% 16% • Diversified channel and geographic mix % Private Label 7% 0% • Moved closer to the Geographic Focus U.S. Global consumer Channels Served • Exited private label; focused resources 94% 68% on growing global Traditional Traditional brands Wholesale/ Wholesale/ Distributor Distributor

1 2010 Op Margin as reported. Investor Day 2018 |76 Global Activewear

John Marsh Group President, Global Activewear Global Activewear Key Messages

1 2 3 4 5 Repositioned Scalable product Champion, Diverse Global Champion away from platforms and Hanes, and distribution sales and profit commoditized robust graphics Alternative – channels that growing rapidly products to capabilities to strong portfolio are increasingly better brands support growth of authentic consumer and channels led brands with directed by Champion relevant positioning and segmentation

Activewear, Led by Champion, Well Positioned to Leverage Products, Brands and Distribution to Drive Global Growth

Investor Day 2018 |78 Favorable, Large and Growing Global Marketplace

$180B1 Global Activewear Market

70% 30% Casual Athletic

22% U.S. Per Capita Brands 43% Logo/Graphics Consumption 57% 78% Private Label Increasing Non Attributed

1 Source: Euromonitor. Investor Day 2018 |79 Source for both pie charts is NPD. Globally Diverse Portfolio of Brands and Everyday Products That Consumers Love ~$2.2B in Sales Comprising Our Global Champion, American Casualwear and Sports Apparel Businesses

Primary Products Primary Brands

Performance  T-shirts  Shorts  Fleece  Sport Shirts  Sports Bras  Thermals  Team/Fanwear

2017 Sales by Business Unit

18% Global Champion

19% Sports Apparel 63% American Casualwear

Investor Day 2018 |80 Strategic Acquisitions Capturing Synergies and Driving Distribution Expansion

Acquired Distribution for Champion Brand HBI Distribution for Acquired Brands

College Traditional High School College & Retail and Wholesale Campus Retail Campus Resort E-commerce Distributors

New distribution New brand to portfolio New graphics capabilities and talent New lifestyle merchant team New channels to brand with Champion New brand and products to drive through existing channels

Investor Day 2018 |81 Global Activewear: Disciplined Approach to Growth Leveraging Our Unique Capabilities

01 02 03 Drive Core Grow Expand Business Consumer- into New and Expand Directed Geographies Distribution Sales

Investor Day 2018 |82 Activewear Engine Unlocks Growth Potential & Margin Expansion

Global HBI Global Omni Channel 4 1 Supply Reach Chain

Powerful Product and Consumer 3 2 Graphics Brands Platforms

Investor Day 2018 |83 Innovation Platforms Across Brands and Products Drive Scale and Differentiation

ComfortWash Champion Customization by Hanes Reverse Weave via Graphics

(Re)introduced 2018 2016 (1938) Various via acquisition

• Leverages large • Leverages our • Ability to make manufacturing authentic/heritage customized small to capability brand that can’t be massive runs for replicated large retailers • Addresses quality issues in market • Capitalizes on brand • Print on demand, momentum quick turn for • Greeted with customers enthusiastic • 80 years of archives Overview reception at recent to search for • Ability to capitalize trade shows modern takes on on emergent trends heritage styling

Investor Day 2018 |84 Segmented Portfolio of Brands Spans Usage Occasions and Price Points

Overview Target Age Price Range

Authentic Athletic-inspired apparel ranging from American performance to 18 - 45 $20 - $100+ Athleticwear fashion lifestyle

Sustainable Eco-conscious fashion Fashion basics consumer 18 - 35 $15 - $75+ Basics (Millennials)

America’s first name All-American in comfort inspired All Ages $5 - $30 Comfort casualwear

Investor Day 2018 |85 Increased Omni Channel Penetration, With Value Added Brands and Products, Enabling Price and Margin Expansion

Activewear Market Value Construct

Customized Online & Consumer-Directed

Schools/Clubs/Printers and Price Margin Per Unit Per

Specialty Retail & & Margin Traditional

Average Sales Price Average Sales Retail

Distributors Basic 10s Number of Distinct Customers Millions

Moving Closer to the End Consumer

Investor Day 2018 |86 Champion Growth Drive Core Business & Expand Distribution

Susan Hennike President, Champion North America Unified Champion Brand Creating Platform for Global Expansion

Brand Brand Positioning Promise Authentic American Inside Everyone Is The Athleticwear Heart Of A Champion. For nearly 100 years, we’ve been a leader in Champion We Help You Find It. sports apparel 2022 Sales Goal $2B+

Global Growth Strategies

01 02 03

Drive Core Business and Grow Consumer-Directed Expand into New Expand Distribution Sales Geographies

Investor Day 2018 |88 Multi-Faceted Marketing Strategy Creating a Sustainable, Authentic Relationship with Consumers

Champion Global Marketing Strategy

Investor Day 2018 |89 Targeted Consumer Outreach Resulting in Accelerated Social Engagement & Increasing Purchase Intent

2.6 Million Instagram Followers and Champion.com 2018 YTD Results Growing 2.6 Traffic Growth YoY 2.0 +95% Mobile Traffic YoY +124% 1.2 0.9 % New 0.6 Customers +77% 0.2 Sales Growth +59% YoY Jan '17 Apr '17 Jul '17 Oct '17 Jan '18 Apr '18

Surging Search Interest in 2017 for Key Brand Equity 1 “Champion Sweatshirt” Measures are Rising Among All Ages

For Fits Age Brand I Someone Better Better Break prefer Like Me Quality Than Others 18-35 +4 +6 +4 +4

35+ +1 +3 +4 +3

1 Source: Millward Brown/Hanesbrands Equity Tracker-Dec 17 Investor Day 2018 |90 Influencer and Collaboration Strategy is Elevating the Brand and Reaching New Consumers

Influencers Collaborators A DEFINING FEATURE OF MODERN MUSIC, SPORTS AND POP CULTURE HAVE FASHION; HELPS MAINTAIN BUZZ AROUND EMBRACED CHAMPION BRAND

Chance the Selena Gomez KITH Supreme Rapper

Bruno Mars & Justin Beiber OFF-WHITE Todd Snyder Thomas Rhett

Investor Day 2018 |91 Champion Brand Buzz Video

Video Playing

Investor Day 2018 |92 Leveraging Product Platforms and Expertise to Drive Growth Across Geographies

Global Champion Performance-Lifestyle Mix

2017 2022 Goal

U.S. International U.S. International

25% 44% 40%

56% 60% 75% 91%

Lifestyle Apparel Performance Apparel Lifestyle Apparel Performance Apparel

Investor Day 2018 |93 Expanding within Current Customers and Gaining New Distribution Through Consumer, Product, and Channel Segmentation Globally

Average Price

Example Products | Consumer | Channels

$$$ PREMIUM

$$ LIFESTYLE

$ ATHLETICS

Investor Day 2018 |94 Champion Growth Expanding Consumer- Directed Sales

Joe Monahan VP & Chief Commercial Officer, Champion Europe Selling Online & Through Own Stores Driving Sales Growth and Enhancing Consumer Brand Experience

Sales by Category Shift

2017: Consumer-Directed % of Business by Region 2017 2022 Goal Champion Global N.A. Europe Asia 3-Yr. CAGR

Online 13% 2% 7% 34% 27% 73% 60% 40% Own Stores 3% 52% 18% 90%

Total 16% 54% 25% 61% Consumer-directed Wholesale

Strategic Approach Across Geographies

Investor Day 2018 |96 Owned Retail Stores and Retail Partner Model Create an Ideal Consumer Brand Experience

• Acquired Champion Store Footprint expertise with Champion Europe U.S. Europe Asia acquisition

• Profitable small 1 96 53 footprint stores in strategic locations

• Mix of formats ̶ Partner model (lower risk) Insert new picture

• Enhances consumer relationship

Disciplined Retail Expansion

Investor Day 2018 |97 Selective Approach to Store Location and Expansion and Unique Elements by Market Champion Store Formats North America Europe Asia Los Angeles, CA London Tokyo

Opened Sep ‘17 Champion for Her Opened Mar ‘18 Amsterdam Hangzhou

1st U.S. Location, Opened Apr ‘18 Customization of Products

Opened May ‘18 1st location in China, opened Sep ‘17

Product Elevating Consumer Utilizing New Customization Experience Store Formats

Investor Day 2018 |98 Optimizing Online Channels to Elevate the Brand and Drive Volume

Internet Channel

Pure Play

Click & Mortar

Online Exclusive Volume Potential

Reaching Consumers When and Where They Shop

Investor Day 2018 |99 Efforts are Driving Meaningful Results Across All Champion Online Channels

North America Europe Asia

Pure Play championusa.jpEurope Japan

3 year CAGR AOV 3 year CAGR 35% $140 38%

Key Strategy Key Strategy Key Initiative Established Penetrating E-commerce sites dedicated online Europe by adding launching in channel resources local languages &  China currencies  South Korea  Thailand

Driving Consumer-Directed Growth with Stores and Online

Investor Day 2018 |100 Champion Growth Expanding into New Geographies

Tomohiko Hirano VP Managing Director, Commercial Asia Champion Is Growing Rapidly Across Geographies and Trends are Accelerating Particularly in International Markets

Strong 2017 Global 2017 Growth by Region Global Growth Sales Growth Accelerating

23% 22% 21%

17%

14%

11% $1.4B +14%1

North Europe Asia Total Q4 2017 Q1 2018 America Global Champion

Investor Day 2018 |102 1 Champion Europe comps full year 2016, acquired mid year 2016 Even with Rapid Growth, Significant Runway for Continued Champion Expansion Across Geographies Champion Geographic Expansion By Region North America Europe Asia

Canada/ Mexico 2%

Outside Other EU Japan 22% 41% Big Five 59% Big Five U.S. Japan 98% 78%

2022 Goals:

Can./Mex. to 10% Big 5 to 70% Outside Japan to 40%

Investor Day 2018 |103 Deliberate Effort to Expand into Northern Europe is Yielding Significant Champion Sales Growth Within Key Pan European Retailers

Germany

France

Expanded from 100 to 1,000 doors in 18 months

Investor Day 2018 |104 Established a Profitable, Dedicated Champion Store Model in Asia with Definitive Path for Further Growth

# of Asia Retail Locations 2017 2022 Goal

Japan 26 50+

Other Asia 27 200+

Investor Day 2018 |105 Activewear, Led by Champion, is Well Positioned to Leverage Its Products and Distribution to Drive Global Growth

• Strong brand equity • International expansion • Global line of performance and • Consumer directed lifestyle products growth Champion • Elevated retail 2022 Sales Goal distribution $2B+

Global Growth Strategies

01 02 03

Drive Core Business and Grow Consumer-Directed Expand into New Expand Distribution Sales Geographies

Investor Day 2018 |106 Champion 100 Year Video

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Investor Day 2018 |107 Financial Overview

Barry Hytinen Chief Financial Officer Financial Overview Key Messages

1 2 3 4 5 Despite Leading brands Consistent with Anticipate Strong, prolonged and company our long-term significant consistent industry owned supply disciplined shareholder generator of free headwinds, chain are capital allocation value creation, cash flow; under proven business differentiators; strategy, we are including share conservative model has focused on committed to repurchases, assumptions we delivered further returning to our acquisitions, and believe our consistent optimizing targeted dividend growth business will financial returns operational leverage range deliver in excess performance of 2-3x Net of $2.25 per Debt-to-EBITDA share of free cash flow in 2020

Investor Day 2018 |109 5-Year Financial Performance – Growing Revenues and Profits

1 1,2 Revenue ($M) Adj. Operating Profit ($M) Adj. EPS

$7,000 15% 3 $6,471 3 3 CAGR : 7.4% 13% CAGR : 15.3% CAGR : 24.3% $6,028

11%

19.0% $6,000 $5,732 $935 9% $929 $5,325 $871 $1.93

7% $1.85 17.0%

$5,000 $4,628 $771 $1.68 5% $1.66 $1.65 $1.54

15.0% $4,000 0.9% 15.4% $1.42 0.3% $611 15.2% $1.37 1% 14.5% 14.5%

-1%

13.0%

$3,000 13.2% -1.1% -0.9% -3% $0.98 -2.5%

-5%

11.0%

$2,000

-7%

-9%

9.0%

$1,000

-11%

-13%

7.0%

$0 -15% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 5.0% Revenue Organic Growth Operating Profit Operating Margin Adj. EPS Tax – Adj. EPS

1 2 Non-GAAP measure. Please see Appendix for reconciliation. Tax-Adjusted EPS Reflects a 16% tax rate for all years Investor Day 2018 |110 3 5-year CAGR beginning with 2012 Strong Cash Generation

Cumulative Cumulative 1 Cash Flow from Operations ($B) Free Cash Flow ($B)

$2.6

$2.2

$1.8

$1.2

2007 - 2012 2013 - 2017 2007 - 2012 2013 - 2017

1 FCF is a non-GAAP measure, see appendix Investor Day 2018 |111 Continued Strong ROIC1 During Period of Acquisitions

21.5% 20.2% 19.8% ~20% 17.8% 18.1%

8.8% 8.6% ~8% 7.6% 6.8% 7.3%

2013 2014 2015 2016 2017 2022E

WACC ROIC

Focused on Creating Increased Shareholder Value Through Improving ROIC

1 ROIC = After-tax Adjusted Operating Profit/Average (net debt, inclusive of operating and capital leases, + Shareholder Equity), Adjusted Operating Profit is non-GAAP, see appendix Investor Day 2018 |112 New CFO Observations

STRENGTHS OPPORTUNITIES

• Business Model • Forecasting

• Cash Generation • Acquisition and Integration Charges • Synergies • Communication Balance • Focus • Leverage Ratio • Domain Expertise

Building Upon Existing Company Strengths

Investor Day 2018 |113 Committed to Returning to Targeted Leverage Range

Net Debt-to-EBITDA1

3.9

3.4 3.1 >3.0

~2.5 2-3x 2.3 2.2 Target 1.9

2013 2014 2015 2016 2017 1Q18 2018E 2019E

1 Re: non-GAAP measure, see appendix. 1Q18 is calculated using last 12 months. Investor Day 2018 |114 Disciplined Capital Allocation Strategy

Capital Allocation Priorities

Capital expenditures Dividend Net Debt-to-EBITDA Invest back into the Target 25% – 30% payout ratio target business ratio over time 2 – 3x

When within targeted debt ratio range…

Acquisitions funded Share repurchases with debt

When outside targeted debt ratio range…

Pay down debt

Investor Day 2018 |115 Disciplined Acquisition Criteria to Deliver Strong Returns

Provide complementary growth opportunities in In our core categories consumer segments, channels and/or geographies

High-probability cost Accretive in year 1, synergies that leverage excluding integration our supply chain and/or costs SG&A

Investor Day 2018 |116 Acquisition History and Scorecard

IRR Current Duration to Cost to Acquired Price ($M) Forecast at IRR Integrate Integrate Close of Deal

Gear for Sports Nov ’10 $223 Not provided High-teens

1 Maidenform Brands Oct ’13 $581 Mid-teens Mid-teens

Hanes Europe Aug ’14 $399 Not provided Mid-teens Innerwear

Knights Apparel Apr ’15 $193 High-teens Low-twenties

2 Low-to-Mid Champion Europe Jun ’16 $247 Mid-teens teens

Pacific Brands Jul ’16 $801 Mid-teens Mid-teens

Alternative Apparel Oct ’17 $62 At least 20% Recent Acquisitions Low-to-Mid No Change Bras N Things Feb ’18 $392 teens

All Acquisitions Have Met or Exceeded IRR Expectations3

12016 Maidenform operating profit is estimated due to integration of the business. 2 Champion Europe includes Universo acquisition 3GTM and Champion Japan are excluded due to deal size and no prior public comments regarding Investor Day 2018 |117 expected IRR, or duration and costs to integrate. Charges Related to Prior Deals to Conclude in 2019

Acquisition and Integration Charges ($M) Integration Categories

$184 • Transaction-related (~25%) • Deal costs $162 $165 • Accounting adjustments $139 • Supply chain network realignment (~25%) • Facility closures • Lease exit costs $73 ~$60 • Personnel costs / Severance / Retention (~20%)

~$15 • IT / Systems (~20%) $0

2013 2014 2015 2016 2017 2018E 2019E 2020E

Investor Day 2018 |118 Reaffirmed 2018 Guidance1

Key Assumptions 2018 Q2 2018

We remain appropriately Revenue $6.72 – 6.82B $1.70 – 1.725B cautious with respect to the

U.S. wholesale environment 2 Total Growth 4.6% 4.0% We believe our growth 2 initiatives, including online, Organic Growth ~1% Down < 1% Champion, and International, should offset the U.S. Adj. Operating Profit3 $950 – 985M $240 – 250M wholesale challenges and drive full‐year constant 3 currency organic growth of Adj. Operating Margin 14.1 – 14.4% 14.1 – 14.5% ~1% at the midpoint Adj. EPS3 $1.72 – 1.80 $0.44 – 0.46 2018 operating margin consistent with prior year as Cash Flow from $675 – 750M input cost inflation, increased Operations marketing investment, and short-term distribution Capex $90 – 100M inefficiencies are essentially offsetting synergies, 4 $585 – 650M acquisition contributions, and Free Cash Flow cost initiatives 1 2 3 As of 5/15/18. Revenue growth rates based on midpoint of range. Non-GAAP measure. Please see Investor Day 2018 |119 Appendix for reconciliation. 4 FCF is a non-GAAP measure, see appendix 2018-2022 Scenario Assumptions: De-Risked Model with Multiple Paths to Value Creation Base with Base Plan Acquisitions 2022E Sales $7.1B $7.8B

Total Sales CAGR1 +1.1% +3.5% 1 Organic CAGR +1.0% +1.0%

2022E Operating Profit $1.1B $1.2B

Operating Margin 15.5% 15.3%

Cumulative Margin Improvement1 +125bps +100bps

2018E-2022E Cash from Ops ~$4.3B ~$4.5B

2018E-2022E Free Cash Flow ~$3.8B ~$4.0B

Capital Expenditures ≤ 1.5% of Sales

Acquisitions None Periodic

Capital Allocation Consistent with Strategy

1 Calculated from mid-point of 2018 guidance. In constant currency based on current 2018 foreign exchange estimates. Investor Day 2018 |120 Financial Overview Key Messages

Investor Day 2018 |121 Closing Remarks

Gerald Evans Chief Executive Officer Key Messages

Strong Fundamentals with Significant Runway

Investor Day 2018 |123 Executing a Re-energized Strategy

Sell More Spend Less Generate Cash

Consistent Selective Leverage Our Invest Our Organic Growth Strategic Supply Chain, Growing through investing in Acquisitions Scale and Cash Flow our brands, Operational through disciplined, delivering consumer Discipline return-centric capital led innovation and allocation to generate evolving distribution to generate higher levels of free cash higher returns for to remain shareholders omnipresent flow

Further Optimize Business Model to Accelerate Cash Flow Generation and Drive Higher Returns to Shareholders

Investor Day 2018 |124 Q&A Session Investor Day Sendoff Video

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Investor Day 2018 |126 Breakout Sessions Appendix

Adjusted OP Profit, Margin, EPS 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Net Sales $ 4,294,197 $ 4,048,497 $ 3,746,201 $ 4,145,012 $ 4,434,291 $ 4,525,721 $ 4,627,802 $ 5,324,746 $ 5,731,549 $ 6,028,199 $ 6,471,410

Operating profit, under GAAP* $ 360,072 $ 280,345 $ 284,177 $ 397,720 $ 458,192 $ 458,226 $ 529,895 $ 572,289 $ 604,812 $ 790,051 $ 744,350 Acquisition, integration and other action-related charges included in gross profit 36,912 42,558 12,776 - - - 16,221 73,126 62,859 39,379 54,970 Acquisition, integration and other action-related charges included in SG&A (5,036) (14) 5,916 - - - 64,569 125,807 203,201 99,140 108,082 Contingent consideration related to Champion Europe ------27,852 Gain on curtailment of postretirement benefits (32,144) ------Restructuring 43,731 50,263 53,888 ------Operating profit, as adjusted**** $ 403,535 $ 373,152 $ 356,757 $ 397,720 $ 458,192 $ 458,226 $ 610,685 $ 771,222 $ 870,872 $ 928,570 $ 935,254

Operating Margin, under GAAP* 8.4% 6.9% 7.6% 9.6% 10.3% 10.1% 11.5% 10.7% 10.6% 13.1% 11.5% Action and other related charges 1.0% 2.3% 1.9% - - - 1.7% 3.7% 4.6% 2.3% 2.9% Operating margin, as adjusted 9.4% 9.2% 9.5% 9.6% 10.3% 10.1% 13.2% 14.5% 15.2% 15.4% 14.5%

Net income from continuing operations, under GAAP $ 111,737 $ 107,122 $ 42,813 $ 192,612 $ 242,569 $ 232,443 $ 330,494 $ 404,519 $ 428,855 $ 536,927 $ 63,991 Acquisition, integration and other action-related charges included in gross profit 36,912 42,558 12,776 - - - 16,221 73,126 62,859 39,379 54,970 Acquisition, integration and other action-related charges included in SG&A (5,036) (14) 5,916 - - - 64,569 125,807 203,201 99,140 109,930 Contingent consideration related to Champion Europe ------27,852 Gain on curtailment of postretirement benefits (32,144) ------Restructuring 43,731 50,263 53,888 ------Debt refinance charge included in other expenses 5,235 (634) 49,301 - - 33,906 - - - 47,291 5,152 Tax reform, related charged, tax effect on actions included in tax expense (15,340) (20,278) (14,626) - - (3,932) (13,331) (25,862) (25,276) (11,148) 452,778 Net income from continuing operations, as adjusted $ 145,095 $ 179,017 $ 150,068 $ 192,612 $ 242,569 $ 262,417 $ 397,953 $ 577,590 $ 669,639 $ 711,589 $ 714,673 Adjustment to reflect 16% tax rate 2,383 $ (19,914) $ (48,095) $ (75,701) $ (94,186) Net income from continuing operations, as adjusted to reflect 16% tax rate $ 400,336 $ 557,676 $ 621,544 $ 635,888 $ 620,487

Diluted earnings per share, under GAAP $ 0.29 $ 0.28 $ 0.11 $ 0.49 $ 0.61 $ 0.58 $ 0.81 $ 0.99 $ 1.06 $ 1.40 $ 0.17 Action and other related charges 0.09 0.19 0.28 - - 0.07 0.17 0.42 0.60 0.45 1.76 Diluted earnings per share, as adjusted*** $ 0.37 $ 0.47 $ 0.39 $ 0.49 $ 0.61 $ 0.65 $ 0.98 $ 1.42 $ 1.66 $ 1.85 $ 1.93 Adjustment to reflect 16% tax rate 0.01 (0.05) (0.12) (0.20) (0.25) Diluted earnings per share, as adjusted to reflect 16% tax rate $ 0.98 $ 1.37 $ 1.54 $ 1.65 $ 1.68

Diluted weighted average shares outstanding** 386,964 380,656 382,672 391,096 397,004 401,076 407,292 408,044 403,659 384,566 369,426

*Historical GAAP operating profit has been restated to reflect the 2018 adoption of new FASB accounting rules related to the classification of pension cost. **Diluted weighted average share outstanding has been recast for stock split ***Adjusted EPS is defined as diluted EPS from continuing operations excluding actions and the tax effect on actions. ****Adjusted operating profit is defined as operating profit excluding actions.

Investor Day 2018 |128 Appendix

Free Cash Flow Reconciliation 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Net cash from operating activities $ 359,040 $ 177,397 $ 414,504 $ 133,054 $ 173,478 $ 553,607 $ 591,281 $ 508,090 $ 227,007 $ 605,607 $ 655,718 Capital Expenditures (91,626) (186,957) (126,825) (106,240) (90,099) (40,994) (43,627) (64,311) (99,375) (83,399) (87,008) Free Cash Flow $ 267,414 $ (9,560) $ 287,679 $ 26,814 $ 83,379 $ 512,613 $ 547,654 $ 443,779 $ 127,632 $ 522,208 $ 568,710

Free cash flow is defined as net cash from operating activities less capital expenditures. 2018 Guidance Quarter Ended Year Ended June 30, December 29, 2018 2018

Operating profit outlook, as calculated under GAAP $215,000 to $225,000 $870,000 to $905,000 Acquisition, integration and other action-related charges $25,000 $80,000 Operating profit outlook, as adjusted $240,000 to $250,000 $950,000 to $985,000

Diluted earnings per share from continuing operations, as calculated under GAAP $0.38 to $0.40 $1.54 to $1.62 Acquisition, integration and other action-related charges $0.06 $0.18 Diluted earnings per share from continuing operations, as adjusted $0.44 to $0.46 $1.72 to $1.80

Cash flow from operations $675 to $750 Capital Expenditures 90-100 Free cash flow $585 to $650

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Net Debt to EBITDA Last Twelve Months 2013 2014 2015 2016 2017 1Q 2018 EBITDA: Net income from continuing operations $ 330,494 $ 404,519 $ 428,855 $ 536,927 $ 63,991 $ 70,318 Interest expense, net 101,884 96,387 118,035 152,692 174,435 178,061 Income tax expense 65,307 60,449 45,018 34,272 473,279 483,739 Depreciation and amortization 90,890 98,202 103,903 103,175 122,487 125,647 Total EBITDA 588,575 659,557 695,811 827,066 834,192 857,765 Total action and other related charges (excluding tax effect on actions) 80,790 198,933 266,060 185,810 197,904 179,104 Stock compensation expense 24,178 30,587 29,618 31,780 23,582 24,800 Total EBITDA, as adjusted $ 693,543 $ 889,077 $ 991,489 $ 1,044,656 $ 1,055,678 $ 1,061,669

Net debt: Debt (current and long term debt and Accounts Receivable Securitization Facility) $ 1,630,945 $ 1,819,012 $ 2,485,531 $ 3,686,049 $ 3,951,643 $ 4,508,035 Notes payable 36,192 144,438 117,785 56,396 11,873 17,830 (Less) Cash and cash equivalents (115,863) (239,855) (319,169) (460,245) (421,566) (373,662) Net debt $ 1,551,274 $ 1,723,595 $ 2,284,147 $ 3,282,200 $ 3,541,950 $ 4,152,203

Net debt/EBITDA, as adjusted 2.2 1.9 2.3 3.1 3.4 3.9

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding actions and stock compensation expense.

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